02-27-2010 12:30 PM
02-27-2010 12:35 PM
I'd suggest you a search for 'secured cards' on here. Lots of discussion about how a secured line will look.
02-27-2010 02:10 PM
I would not worry too much about the fine points of your score at this time. Dealing with the collections is your first priority.
That said it is good to start new secured credit cards for your use and to rebuild for the future.
Having 1 open credit card vs none will make the biggest difference in the score. Having 2 is even better. Two $200 limits is better than one $400 limit. The total amount is not that significant. I would set the limit based on how much you plan to spend each month on that card. At least 2x your monthly charges, if you can afford it. You want a comfortable limit so it is not maxed out.
Consider opening a 2nd secured card in the near future. Be careful, there are some high fee secured cards that are horrendous. You may want to post questions about who you are considering..
02-27-2010 02:43 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.